CBRE arranged the sale of Palm Square, a 77,705-square-foot, multi-tenant retail center located at 9801-9965 Pines Boulevard in Pembroke Pines, Florida. Bar Invest Group, Inc. purchased the property for $17,600,000. The seller was Pebb Enterprises, LLC, which hired CBRE to market the asset for sale and negotiate the transaction.
The property is located in southwest Broward County on Pines Boulevard. This location is in the heart of an intense retail concentration along one of the most dynamic retail corridors in South Florida, across the intersection from Pines City Center. The property is 94% leased with a mix of local and national retail and service tenants. Key tenants include Sherwin Williams, KFC, Dunkin Donuts, and Atlantic Montessori Charter School.
“The market for well-located, unanchored retail centers in strong retail submarkets are in high demand,” said David J. Donnellan, First Vice President with CBRE. “Palm Square benefits from a superior location on Pines Boulevard, one of the region’s prime retail corridors. The property has consistently remained well-leased, and is poised to benefit further from the anticipated development of nearby Pines City Center.”
David Donnellan and Patricia Friend of CBRE managed the sale. Based in Fort Lauderdale, they are part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.